Author - OTI

On Track Innovations Ltd. to Report First Quarter 2018 Financial Results and Host a Conference Call on Wednesday, May 9th at 9 a.m. Eastern time

ROSH PINNA, ISRAEL – April 25, 2018 – – On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, will release financial results for the first quarter ended March 31, 2018 before market open on Wednesday, May 9th at 9 a.m. Eastern time.

Management will host an investor conference call at 9:00 a.m. Eastern time on May 9, 2018, to discuss OTI’s first quarter 2018 financial results, provide a corporate update, and conclude with a Q&A from participants. To participate, please use the following information:

Q1 2018 Conference Call and Webcast

Date: Wednesday, May 9, 2018

Time: 9:00 a.m. Eastern time

U.S. Dial-in: 1-888-317-6002

International Dial-in: 1-412-317-5245

Webcast: https://www.webcaster4.com/Webcast/Page/1720/25625

Please dial in at least 10 minutes before the start of the call and request to join the “On Track Innovations Q1 2018 Earnings Conference Call” to ensure timely participation.

The conference call will be available for replay by clicking here and via the investor relations section of the company’s website.

About OTI

On Track Innovations (NASDAQ: OTIV) is a global leader in the design, manufacture, and sale of secure cashless payment solutions using contactless NFC technology. OTI’s field-proven innovations have been deployed around the world to address cashless payment and management requirements for the Internet of Payment Things (IoPT), wearables, automated retail and petroleum markets. OTI distributes and supports its solutions through a global network of regional offices and alliances. OTI is the proud recipient of the 2017 AI Award for Best Cashless Payment Solutions Provider – Israel. For more information, please visit www.otiglobal.com.

 

Safe Harbor for Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Whenever we use words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “will,” “estimate” or similar expressions, we are making forward-looking statements. For example, we are using forward-looking statements when we discuss our expectations regarding our growth or profitability, reduction of costs and expenses, expected divestitures, plans for our existing and new products and services, penetration of new markets and securing new customers, contributions of our regions to our growth, resolution of our outstanding patent infringement claims, strengthening of our balance sheet and delivery long-term shareholder value. Because such statements deal with future events and are based on OTI’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of OTI could differ materially from those described in or implied by the statements in this press release. Forward-looking statements could be impacted by the effects of the protracted evaluation and validation periods in the U.S. and other markets for contactless payment cards, or new and existing products and our ability to execute production on orders, as well as other risks and uncertainties, including those discussed in the “Risk Factors” section and elsewhere in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, and in subsequent filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be achieved. Except as otherwise required by law, OTI disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events or circumstances or otherwise. The reader is cautioned not to place undue reliance on forward-looking statements.

 

OTI Press Contact:

Richard Harris

Marketing Manager

press@otiglobal.com

 

OTI Investor Relations Contact:

Greg Falesnik

Managing Director

MZ Group – MZ North America

Main: 949-385-6449

OTIV@mzgroup.us

Read more...

OTI Europa ASEC Signs New Contract with Polish National Post Office (Poczta Polska S.A.) To Manage Warsaw’s Public Transportation “Smart City” Card Program

Agreement Entails Management of 272 “Smart City” Card Terminals Across 218 Post Offcies Around Warsaw

 

Rosh Pinna, Israel – March 4th, 2018 — On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, today announced that its wholly owned subsidiary, OTI Europa ASEC (ASEC S.A.), has signed a new contract with the Polish National Post Office (Poczta Polska S.A.) to manage Warsaw’s public transportation “Smart City” card program.

These postal point of sale (POS) kiosks will allow consumers to purchase or refill “Smart City” cards for public transportation in the Warsaw metropolis area via train, bus, or other mode of public transaportaiton.

OTI will be providing both the payment portion, as well as software, in 272 “Smart City” card terminals throughout 218 post offices in Warsaw, whereby OTI will control the entire sales and payment process. This is a recurring revenue contract, but due to confidentiality, the terms of the contract cannot be disclosed. OTI Europa ASEC’s network now includes 800 POS points throughout Poland.

“Our ticketing sales network in Poland continues to gain traction, which we believe is a strong testament to the value we bring our customers and the citizens of Poland,” said Agnieszka Swiatly, Managing Director of OTI Europa ASEC. “Using our total solution, users of ‘Smart City’ cards throughout Warsaw will be able to conveniently purchase and refill their cards, even while visiting the post office.”

Poczta Polska S.A. is a company with a 460-year tradition, acting as the biggest postal operator on its local market (Poland) – the network includes 7,500 postal offices, subsidiaries, and agencies, all serving private and corporate customers.

OTI Europa ASEC (ASEC S.A.) is one of the largest operators of e-ticketing and paper ticket sales systems in the public transport on polish market. The company creates, delivers, implements and supports IT systems for public transport, OTI Europa ASEC provides and integrates certified solutions for contactless payments, allowing for quick cashless payment transactions with bank cards and NFC.
The company is a part of OTI – On Track Innovations. For more information, visit www.otieuropa.com

OTI Global

On Track Innovations (OTI) is a global leader in the design, manufacture, and sale of secure cashless payment solutions using contactless NFC technology. OTI’s field-proven innovations have been deployed around the world to address cashless payment and management requirements for the Internet of Payment Things (IoPT), wearables, automated retail and petroleum markets. OTI distributes and supports its solutions through a global network of regional offices and alliances. OTI is the proud recipient of the 2017 AI Award for Best Cashless Payment Solutions Provider – Israel. For more information, visit www.otiglobal.com.

Safe Harbor for Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Whenever we use words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” or similar expressions, we are making forward-looking statements. For example, we are using forward-looking statements when we discuss our expectations regarding our growth or profitability, expected divestitures, plans for our existing and new products and services, penetration of new markets and securing new customers, and deliver long-term shareholder value. Because such statements deal with future events and are based on OTI’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of OTI could differ materially from those described in or implied by the statements in this press release. Forward-looking statements could be impacted by the effects of the protracted evaluation and validation periods in the U.S. and other markets for contactless payment cards, or new and existing products and our ability to execute production on orders, as well as other risks and uncertainties, including those discussed in the “Risk Factors” section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2016, and in subsequent filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be achieved. Except as otherwise required by law, OTI disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events or circumstances or otherwise. The reader is cautioned not to place undue reliance on forward-looking statements.

Investor Relations Contact:

Greg Falesnik
MZ North America
1-949-385-6449
Greg.Falesnik@mzgroup.us

Read more...

On Track Innovations to Present at The MicroCap Conference in New York on April 10th

Rosh Pinna, Israel – April 2, 2018 — On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, today announced that management is scheduled to present at The MicroCap Conference in New York City. The conference is being held on April 9-10, 2018 at the JW Marriott Essex House.

On Track Innovations management will host one-on-one meetings throughout the day on April 10th and is scheduled to present as follows:

The MicroCap Conference

Date: Tuesday, April 10, 2018
Presentation Time: 12:00 p.m. Eastern time
Location: Track 4, JW Marriott Essex House – 160 Central Park S, New York, NY

Webcast: http://www.investorcalendar.com/event/27375

Registration is mandatory for conference participation. For more information on the conference or to schedule a one-on-one meeting, please visit the conference website, http://microcapconf.com.

About OTI

On Track Innovations (OTI) is a global leader in the design, manufacture, and sale of secure cashless payment solutions using contactless NFC technology. OTI’s field-proven innovations have been deployed around the world to address cashless payment and management requirements for the Internet of Payment Things (IoPT), wearables, automated retail and petroleum markets. OTI distributes and supports its solutions through a global network of regional offices and alliances. OTI is the proud recipient of the 2017 AI Award for Best Cashless Payment Solutions Provider – Israel. For more information, visit www.otiglobal.com.

Safe Harbor / Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Whenever we use words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “would,” “should,” “will,” “can” or similar expressions, we are making forward-looking statements. For example, we are using forward-looking statements when we discuss, among others:  our plans for the future, traction with our cryptocurrency efforts and our expectation of bringing tremendous value to our industry while generating predictable, high-margin, recurring revenues for the Company and great value for our shareholders.  Forward-looking statements are made as of the date of this document and are inherently subject to risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements.  Additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements are stated under the captions “Risk Factors” in our most recent Annual Report (Form 10-K) and other known and unknown uncertainties and risk factors including those detailed from time to time in the Company’s filings with the Securities and Exchange Commission.  Forward-looking statements are made as of the date of this release, and we expressly disclaim any obligation or undertaking to update forward-looking statements. The reader is cautioned not to place undue reliance on forward-looking statements.

Investor Relations Contact:

Greg Falesnik
MZ North America
1-949-385-6449
Greg.Falesnik@mzgroup.us

Read more...

OTI Europa ASEC Signs Contract with Public Transport Authority (ZTM) in Warsaw

OTI to Design and Implement “Kasa +” Support Service System at Passenger Service Points

Rosh Pinna, Israel – March 28th, 2018 – On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, today announced that the Company’s European branch, OTI Europa ASEC (ASEC S.A.), has signed a contract with the Public Transport Authority (PTA) in Warsaw (Zarząd Transportu Miejskiego) for the design, execution and implementation of the “Kasa +” system to support Passenger Service Points in and around Warsaw.

The contract is the result of a public tender won by OTI Europa ASEC (ASEC S.A.) and is expected to be completed over the next 13 months, with a value of approximately $300,000 USD to OTI.

“OTI Europa ASEC is responsible for providing the IT system, analysis of requirements and solution preparation, as well as for system launch and 3 years warranty protection,” said Agnieszka Swiatly, Managing Director, OTI Europa ASEC. “With wide knowledge related to the PTA’s sales system and know-how associated with the market and technology, we were able to prepare a winning offer.”

Public transport in Warsaw urban complex is managed and supervised by the Public Transport Authority (Zarząd Transportu Miejskiego) in Warsaw, the member of the European Metropolitan Transport Authorities (EMTA) and the International Association of Public Transport (UITP). It provides transport to two million citizens of the Warsaw metropolitan area as well as connects Warsaw to its neighboring communes.

OTI Europa ASEC (ASEC S.A.) is one of the largest operators of e-ticketing and paper ticket sales systems in the public transport on polish market. It creates, delivers, implements and supports IT systems for public transport, OTI Europa ASEC provides and integrates certified solutions for contactless payments, allowing for quick cashless payment transactions with bank cards and NFC.

OTI Europa ASEC is a part of OTI – On Track Innovations group. For more information, visit www.otieuropa.com

About OTI

On Track Innovations (OTI) is a global leader in the design, manufacture, and sale of secure cashless payment solutions using contactless NFC technology. OTI’s field-proven innovations have been deployed around the world to address cashless payment and management requirements for the Internet of Payment Things (IoPT), wearables, automated retail and petroleum markets. OTI distributes and supports its solutions through a global network of regional offices and alliances. OTI is the proud recipient of the 2017 AI Award for Best Cashless Payment Solutions Provider – Israel. For more information, visit www.otiglobal.com.

Safe Harbor for Forward-Looking Statements


This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Whenever we use words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” or similar expressions, we are making forward-looking statements. For example, we are using forward-looking statements when we discuss our expectations regarding our growth or profitability, expected divestitures, plans for our existing and new products and services, penetration of new markets and securing new customers, and deliver long-term shareholder value. Because such statements deal with future events and are based on OTI’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of OTI could differ materially from those described in or implied by the statements in this press release. Forward-looking statements could be impacted by the effects of the protracted evaluation and validation periods in the U.S. and other markets for contactless payment cards, or new and existing products and our ability to execute production on orders, as well as other risks and uncertainties, including those discussed in the “Risk Factors” section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2016, and in subsequent filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be achieved. Except as otherwise required by law, OTI disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events or circumstances or otherwise. The reader is cautioned not to place undue reliance on forward-looking statements.

Investor Relations Contact:

Greg Falesnik
MZ North America
1-949-385-6449

Greg.Falesnik@mzgroup.us

Read more...

On Track Innovations Completes New Cryptocurrency Payment Solution for Automated Machines & Micropayment Market

OTI Releases Video with Use Case Example for Cryptocurrency Solution

Rosh Pinna, Israel – March 26, 2018 – On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, has launched its cryptocurrency (CC) payment solution for the micropayment market and automated machines. To OTI’s knowledge, this is the first and only CC payment solution on the market today for automated machines and the micropayment market.

The innovative OTI system, which was developed following extensive research into the market, allows the use of (CC) standard mobile wallets. The company’s solution is simple, easy to use, fully secure method for micropayments, and tackles the significant challenges of CC in automated machines and micro-payments. This ground-breaking payment solution provides high-speed, low-fee transactions, while also solving global currency exchange issues that may arise from using CC as a form of payment.

“As a leader in cashless payment solutions over the past 28 years with a large installed base of technology solutions across the globe, introducing the ability to pay with cryptocurrencies seemed like a natural fit for our products, while also providing our customers and consumers with even more payment options,” said Shlomi Cohen, OTI’s Chief Executive Officer.  “We’ve always prided ourselves as being a company that is large enough to service some of the world’s largest companies, yet nimble and flexible enough to rapidly adopt new technologies, such as cryptocurrencies.

“We intimately understand the cryptocurrency market, as well as all players involved. After thorough evaluation and market research, we decided that OTI would invest some of our resources towards developing a solution to address this market. To our knowledge, there is no other solution on the market today and is yet another solution that adapts to our customer needs and preferences. Although this cryptocurrency solution may take time for customer adoption and generations of meaningful sales, we believe this new product offering will add great value for our shareholders and contribute to OTI’s growth over the long-term.” added Shlomi Cohen.

OTI has created a brief video that explains the cryptocurrency payment solution and provides an example of use on a vending machine. This video can be viewed by clicking here, or via the following link: https://www.youtube.com/watch?v=b02ZvPez23Q&feature=youtu.be.

About On Track Innovations Ltd.

On Track Innovations (OTI) is a global leader in the design, manufacture, and sale of secure cashless payment solutions using contactless NFC technology. OTI’s field-proven innovations have been deployed around the world to address cashless payment, automated retail, and petroleum markets. OTI distributes and supports its solutions through a global network of regional offices and alliances. OTI is the proud recipient of the 2017 AI Award for Best Cashless Payment Solutions Provider – Israel. For more information, visit www.otiglobal.com.

Safe Harbor / Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Whenever we use words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “would,” “should,” “will,” “can” or similar expressions, we are making forward-looking statements. For example, we are using forward-looking statements when we discuss, among others:  our expectations regarding our growth or profitability, traction with our cryptocurrency efforts, and plans for our existing and new products and services and our expectation of bringing tremendous value to our industry while generating predictable, high-margin, recurring revenues for the Company and great value for our shareholders.  Forward-looking statements are made as of the date of this document and are inherently subject to risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements.  Additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements are stated under the captions “Risk Factors” in our most recent Annual Report (Form 10-K) and other known and unknown uncertainties and risk factors including those detailed from time to time in the Company’s filings with the Securities and Exchange Commission.  Forward-looking statements are made as of the date of this release, and we expressly disclaim any obligation or undertaking to update forward-looking statements. The reader is cautioned not to place undue reliance on forward-looking statements.

Investor Relations:

Greg Falesnik
Managing Director
MZ Group – MZ North America
(949) 385-6449

MBII@mzgroup.us

www.mzgroup.us

Read more...

We are searching for an Embedded Software Guru

Job Description:

  • Expert embedded software engineer
  • Develop an embedded operating system, including low-level, bare-metal drivers and boot-loaders.
  • Join a great team handling a variety of projects

Education:

  • Computer Science / Software engineering

Subordinates:

  • Software TL

Requirements:

  • 5 years experience in bare-metal embedded development – MUST
  • Experience with ARM-7 and Cortex architectures – MUST
  • Experience in writing interfaces and peripheral drivers – MUST
  • Experience in using a Real-Time Operating System – MUST
  • Experience in writing Boot-loaders – ADVANTAGE

Characteristics:

  • Great interpersonal relationship
  • Independent and team player
  • Innovative, out of the box, flexible thinking
  • Fast learner
  • Reliable and responsible

Residence:

  • Rosh Pina region  (up to 40km)

Please send cv to danielle@otiglobal.com

Read more...

On Track Innovations Ltd. Reports Fourth Quarter and Full Year 2017 Financial Results

Q4 2017 Year Over Year Revenue Growth of 21% to $6.7 Million

Rosh Pinna, Israel – March 21, 2018 – On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, has provided a business update and announced financial results for the fourth quarter and full year ended December 31, 2017.

2017 Company Highlights:

  • Revenues in 2017 grew by 9% to $22.4 million, compared to $20.6 million in 2016.
  • Recurring revenues accounted for 23% of total revenues in 2017,
  • Gross margin in 2017 increased by 125 basis points to 50.9%, compared to 49.6% in 2016.
  • Net loss totaled $598,000, or $(0.01) per share, compared to a net loss of $860,000 or $(0.02) per share in 2016.
  • Adjusted EBITDA (a non-GAAP financial metric) improved significantly to $240,000, compared to adjusted EBITDA loss of $241,000. 2017 marks OTI’s first year of positive adjusted EBITDA in the Company’s 28-year operating history.
  • Sales of contactless NFC readers to the “smart” ATM market in 2017 increased significantly to 10,000 units, compared to 1,800 units in 2016.
  • OTI’s fueling division grew revenues by 24% to $5.1 million in 2017, compared to $4.1 in 2016.

Management Commentary

“Two years ago, we decided to make a strategic shift from being a product company, to one focused on utilizing software and offering a complete, turnkey solution for customers,” said Shlomi Cohen, Chief Executive Officer of OTI. “Although this process took time, we were confident that this strategy would ultimately increase our value proposition, while generating steady, recurring revenues at higher margins than we’ve previously experienced. Over this two-year period, we increased our revenues by more than 21%, reduced our debt by 11%, cut operating costs by more than 21% and decreased our net losses by 92%.

“In 2017 alone, we grew revenue by 9%, which is particularly impressive given that 24% of sales in 2016, or $4.9 million, did not re-occur in 2017 due to certain customer transitions.

Cohen, continued: “We expect 2018 to be a breakout year for OTI, driven by particular strength in our ‘smart’ cashless ATM readers—which grew five-fold in 2017, continued growth in our fueling division—which grew revenues over 24% in 2017, traction with our cryptocurrency efforts, and accelerated penetration in Japan.”

“As a pioneer and leader in the cashless payment solutions arena, we strongly believe that our technology will continue bringing tremendous value to our industry while generating predictable, high-margin, recurring revenues for the Company and great value for our shareholders.”

Full Year 2017 Financial Details

  • Revenue increased to $22.4 million in 2017, compared to $20.6 million in 2016.
  • Gross margin increased to 50.9% of revenue in 2017, compared to 49.6% in 2016.
  • Operating expenses in 2017 totaled $12.7 million, compared to $12.1 million in 2016.
  • Net loss in 2017 totaled $0.6 million, or $(0.01) per share, compared to a net loss of $0.9 million or $(0.02) per share in 2016.
  • Adjusted EBITDA (a non-GAAP financial term as noted below) totaled $240,000 in 2017, compared with adjusted EBITDA loss of $241,000 in 2016.

Q4 2017 Financial Details

  • Total revenue in the fourth quarter increased to $6.7 million, compared to $4.7 million for the prior quarter and $5.6 million in the same year-ago period.
  • Gross margin totaled 48% of revenue in the fourth quarter, compared to 43% in the same year-ago period.
  • Operating expenses totaled $3.5 million in the fourth quarter, compared to $3.4 million in the same year-ago period.
  • Net loss in the fourth quarter totaled $0.7 million, or $(0.02) per share, compared to a net loss of $1.2 million or $(0.03) per share in the same year-ago period.
  • Adjusted EBITDA totaled $63,000 in the fourth quarter, compared with an adjusted EBITDA loss of $ 515,000 in the same year-ago period.

Conference Call

Management will host an investor conference call at 9:00 a.m. Eastern time on March 21, 2018, to discuss OTI’s fourth quarter and full year 2017 financial results, provide a corporate update, and conclude with a Q&A from participants. To participate, please use the following information:

Date: Wednesday, March 21, 2018

Time: 9:00 a.m. Eastern time

U.S. Dial-in: 1-877-870-4263

International Dial-in: 1-412-317-0790

Webcast: https://www.webcaster4.com/Webcast/Page/1720/24729

Please dial in at least 10 minutes before the start of the call and request to join the “On Track Innovations Q4 2017 Earnings Conference Call” to ensure timely participation.

The conference call will be available for replay by clicking here and via the investor relations section of the company’s website.

Use of Non-GAAP Financial Information

This press release contains certain non-GAAP measures, namely, adjusted EBITDA from continuing operations, or adjusted earnings from continuing operations before interest, income tax, depreciation and amortization. Adjusted EBITDA from continuing operations represents earnings before interest or financing expenses, income tax, depreciation and amortization, and further eliminates the effect of stock based compensation expense, patent litigation and maintenance expenses and other expenses. OTI believes that adjusted EBITDA from continuing operations should be considered in evaluating the Company’s operations since it provides a clearer indication of the Company’s operating results. This measure should be considered in addition to results prepared in accordance with US GAAP, but should not be considered a substitute for the US GAAP results. The non-GAAP measures included in this press release have been reconciled to the US GAAP results in the tables below.

ON TRACK INNOVATIONS LTD.

RECONCILIATION OF NON-GAAP ADJUSTMENTThe following table reflects selected On Track Innovations Ltd. non-GAAP results reconciled to GAAP results: (US dollars in thousands)

 

Year ended December 31 Three months ended December 31
2017 2016 2017 2016

 

 Net loss   $        (598)   $        (860) $                (693) $          (1,209)
 Net (income) loss from discontinued operations (1,085) (1,509) 280 16
 Financial expenses, net 340 396 104 211
 Depreciation  1,172 1,172 293 261
 Taxes on income   74  82 6 22
Total EBITDA FROM CONTINUING OPERATIONS $          (97) $        (719) $                  (10) $            (699)
Patent litigation and maintenance $            31 $            48 $                      7 $                 11
Other expenses, net 52 191 52 108
Stock based compensation           254           239 14 65
Total adjusted EBITDA FROM CONTINUING OPERATIONS $          240 $        (241) $                   63 $            (515)

 

About On Track Innovations Ltd

On Track Innovations (OTI) is a global leader in the design, manufacture, and sale of secure cashless payment solutions using contactless NFC technology with an extensive patent and IP portfolio. OTI’s field-proven innovations have been deployed around the world to address cashless payment, automated retail, and petroleum markets. OTI distributes and supports its solutions through a global network of regional offices and alliances. OTI is the proud recipient of the 2017 AI Award for Best Cashless Payment Solutions Provider – Israel. For more information, visit www.otiglobal.com.

 

Safe Harbor / Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Whenever we use words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “would,” “should,” “will,” “can” or similar expressions, we are making forward-looking statements. For example, we are using forward-looking statements when we discuss, among others:  our expectations regarding our growth or profitability, traction with our cryptocurrency efforts, and accelerated penetration in Japan and our expectation of bringing tremendous value to our industry while generating predictable, high-margin, recurring revenues for the Company and great value for our shareholders.  Forward-looking statements are made as of the date of this document and are inherently subject to risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements.  Additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements are stated under the captions “Risk Factors” in our most recent Annual Report (Form 10-K) and other known and unknown uncertainties and risk factors including those detailed from time to time in the Company’s filings with the Securities and Exchange Commission.  Forward-looking statements are made as of the date of this release, and we expressly disclaim any obligation or undertaking to update forward-looking statements. The reader is cautioned not to place undue reliance on forward-looking statements.

 

Investor Relations Contact:

Greg Falesnik

MZ North America

1-949-385-6449

Greg.Falesnik@mzgroup.us

Read more...

On Track Innovations Receives Purchase Order for 8,000 Advanced UNO-8 Readers for “Smart ATM” Market

ROSH PINNA, ISRAEL — March 14, 2018 – On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, has received new purchase order to deliver 8,000 of OTI’s UNO-8 advanced secure contactless NFC readers to the Smart ATM market.

Smart ATMs provide secure, fast, simple and convenient banking, 24 hours a day. Adding an OTI EMV certified contactless reader provides an ATM with the ability to identify the account owner and communicate with their smartphone.

The company expects the purchase order to be delivered in both the second and third quarter of 2018, for which OTI will recognize a one-time sale. Due to confidentiality, the terms of the contract cannot be disclosed.

“ATMs that are integrated with OTI’s innovative cashless readers have become a power service platform and provide the added functionality that clients are demanding,” said Shlomi Cohen, OTI’s Chief Executive Officer. “We continue to lead the way in enabling this ‘smart’ functionality in ATMs, as evidenced by our impressive ramp in contactless readers from 1,800 in 2016, 10,000 in 2017, and 8,000 already in 2018.”

About OTI

On Track Innovations (OTI) is a global leader in the design, manufacture and sale of secure cashless payment solutions using contactless NFC technology with a patent and IP portfolio. OTI’s field-proven innovations have been deployed around the world to address cashless payment and management requirements for the Internet of Payment Things (IoPT), wearables, automated retail and petroleum markets. OTI distributes and supports its solutions through a global network of regional offices and alliances. OTI is the proud recipient of the 2017 AI Award for Best Cashless Payment Solutions Provider – Israel. For more information, visit www.otiglobal.com.

Safe Harbor for Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Whenever we use words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “would,” “should,” “will,” “can” or similar expressions, we are making forward-looking statements. For example, we are using forward-looking statements when we discuss our expectations regarding our growth or profitability, plans for our existing and new products and services, penetration of new markets and securing new customers, and delivery long-term shareholder value. Because such statements deal with future events and are based on OTI’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of OTI could differ materially from those described in or implied by the statements in this press release. Forward-looking statements could be impacted by the effects of the protracted evaluation and validation periods in the U.S. and other markets for contactless payment cards, or new and existing products and our ability to execute production on orders, as well as other risks and uncertainties, including those discussed in the “Risk Factors” section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2016, and in subsequent filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be achieved. Except as otherwise required by law, OTI disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events or circumstances or otherwise. The reader is cautioned not to place undue reliance on forward-looking statements.

OTI Press Contact:

Richard Harris
Marketing Manager
press@otiglobal.com

Investor Relations:

Greg Falesnik
Managing Director
MZ Group – MZ North America
(949) 385-6449
OTIV@mzgroup.us
www.mzgroup.us

Read more...

On Track Innovations to Report Fourth Quarter and Full Year 2017 Financial Results and Host a Conference Call on Wednesday, March 21st at 9 a.m. Eastern Time

ROSH PINNA, ISRAEL – March 6th, 2018 – On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, will release financial results for the fourth quarter and full year ended December 31, 2017 before market open on Wednesday, March 21, 2018.

Management will host an investor conference call at 9:00 a.m. Eastern time on March 21, 2018, to discuss OTI’s fourth quarter and full year 2017 financial results, provide a corporate update, and conclude with a Q&A from participants. To participate, please use the following information:

Q4 & FY 2017 Conference Call and Webcast

Date: Wednesday, March 21, 2018
Time: 9:00 a.m. Eastern time
U.S. Dial-in: 1-877-870-4263
International Dial-in: 1-412-317-0790

Webcast: https://www.webcaster4.com/Webcast/Page/1720/24729

Please dial in at least 10 minutes before the start of the call and request to join the “On Track Innovations Q4 2017 Earnings Conference Call” to ensure timely participation.
The conference call will be available for replay by clicking here and via the investor relations section of the company’s website.

About OTI

On Track Innovations (NASDAQ: OTIV) is a global leader in the design, manufacture, and sale of secure cashless payment solutions using contactless NFC technology with an extensive patent and IP portfolio. OTI’s field-proven innovations have been deployed around the world to address cashless payment and management requirements for the Internet of Payment Things (IoPT), wearables, automated retail and petroleum markets. OTI distributes and supports its solutions through a global network of regional offices and alliances. OTI is the proud recipient of the 2017 AI Award for Best Cashless Payment Solutions Provider – Israel. For more information, please visit www.otiglobal.com.

Safe Harbor for Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Whenever we use words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions, we are making forward-looking statements. For example, we are using forward-looking statements when we discuss our expectations regarding our growth or profitability, reduction of costs and expenses, expected divestitures, plans for our existing and new products and services, penetration of new markets and securing new customers, contributions of our regions to our growth, resolution of our outstanding patent infringement claims, strengthening of our balance sheet and delivery long-term shareholder value. Because such statements deal with future events and are based on OTI’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of OTI could differ materially from those described in or implied by the statements in this press release. Forward-looking statements could be impacted by the effects of the protracted evaluation and validation periods in the U.S. and other markets for contactless payment cards, or new and existing products and our ability to execute production on orders, as well as other risks and uncertainties, including those discussed in the “Risk Factors” section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2016, and in subsequent filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be achieved. Except as otherwise required by law, OTI disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events or circumstances or otherwise.

 

OTI Investor Relations Contact:

Greg Falesnik
Managing Director
MZ Group – MZ North America
Main: 949-385-6449
OTIV@mzgroup.us

Read more...

OTI receives a new Purchase Order of 2,000 Cashless Payment Systems from Japan

• Brings total number of ordered systems to more than 7,000 during the last twelve months
• OTI’s industry-leading EMV and FeliCa contactless readers are the latest innovations in FeliCa payment industry
• Japan’s estimated 6 million electronic vending machines represent a major opportunity for OTI’s innovative secure cashless payment solutions in the Asia-Pacific market

ROSH PINNA, Israel, March 5th, 2018 —  On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, has received a new purchase order of 2,000 cashless payment systems from Japan via its partner, Billing Systems Cooperation (TSEL 3623), a leading payment service provider. The systems include OTI’s turnkey solution, which is comprised of a new UNO Plus EMV and FeliCa contactless reader and the GoBox Multi-Service Telemetry Gateway. Once complete, OTI will have delivered a total of 7,000 advanced payment systems to Japan to-date.

OTI’s turnkey solution offers a single point of contact for vending machine operators looking to implement cashless payment solutions. The company expects the purchase order to be delivered in both the first and second quarter of 2018, for which OTI will recognize a one-time sale, followed by a high-margin, recurring revenue stream over the long-term. Due to confidentiality, the terms of the contract cannot be disclosed.

“OTI’s systems have seamlessly integrated into the Japanese market. We are very satisfied with their continuing reliability and superior product delivery,” says Mr. Toshihiko Eda, President  & CEO of Billing Systems. “With OTI we look forward to a continually bright future within the Japanese cashless payment market.”

“The Japanese market, which has an estimated 6 million electronic vending machines, is rapidly adopting our systems and technology,” said Shlomi Cohen, OTI’s CEO. “While the Japanese market can be difficult to enter with new technology, we believe this latest purchase order reflects this market’s confidence in the reliability of our cashless payment solutions, as well as our ability to deliver in accordance with strict deadlines. We believe this early success showcases our potential for further traction in this key global market.”

OTI’s GoBox is a powerful Machine-to-Machine (M2M) controller, payment gateway and multi-services enabler for unattended machines. It provides new revenue streams for machine operators, from accepting cashless payments through streaming paid Full-HD video via the GoBox’s HDMI output.

About OTI

On Track Innovations (NASDAQ: OTIV) is a global leader in the design, manufacture and sale of secure cashless payment solutions using contactless NFC technology with patent and IP portfolio. OTI’s field-proven innovations have been deployed around the world to address cashless payment and management requirements for the Internet of Things (IoT), wearables, unattended retail and petroleum markets. OTI distributes and supports its solutions through a global network of regional offices and alliances. For more information, visit www.otiglobal.com.

Safe Harbor for Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Whenever we use words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “will” or similar expressions, we are making forward-looking statements. For example, we are using forward-looking statements when we discuss our expectations regarding our growth or profitability, reduction of costs and expenses, expected divestitures, plans for our existing and new products and services, penetration of new markets and securing new customers, and delivery long-term shareholder value. Because such statements deal with future events and are based on OTI’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of OTI could differ materially from those described in or implied by the statements in this press release. Forward-looking statements could be impacted by the effects of the protracted evaluation and validation periods in the U.S. and other markets for contactless payment cards, or new and existing products and our ability to execute production on orders, as well as other risks and uncertainties, including those discussed in the “Risk Factors” section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2016, and in subsequent filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be achieved. Except as otherwise required by law, OTI disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events or circumstances or otherwise. The reader is cautioned not to place undue reliance on forward-looking statements.

Investor Relations

Greg Falesnik
Managing Director
MZ Group – MZ North America
(949) 385-6449
OTIV@mzgroup.us
www.mzgroup.us

Read more...